Europe and MEA Payment Gateway Market Drivers and Forecasts by 2028
Europe and MEA Payment Gateway Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Online and POS/Traditional), Business Model (Payment Facilitator, Acquirer, and ISO Model), Enterprise Size (Large Enterprises, and Small and Medium Enterprises), and End User (BFSI, Media and Entertainment, Consumer goods, Retail and E-commerce, Travel and Hospitality, and Others)
Historic Data: 2019-2020 | Base Year: 2021 | Forecast Period: 2022-2028- Status : Published
- Report Code : TIPRE00026060
- Category : Banking, Financial Services, and Insurance
- No. of Pages : 189
- Available Report Formats :
Europe and MEA Payment Gateway Market Drivers and Forecasts by 2028
Report Date: Dec 2021 | Report Code: TIPRE00026060
The Europe and MEA Payment Gateway Market is expected to grow from US$ 7,499.32 million in 2021 to US$ 20,697.69 million by 2028; it is estimated to grow at a CAGR of 15.9% from 2022 to 2028.
The payment gateway industry has recorded robust growth in the Middle East and Africa, with new providers and platforms being launched at a rapid pace. Vendors in the Middle East and Africa payment gateway market are focusing on extending their product and service portfolio in untapped segments. For instance, in October 2020, Stripe acquired Paystack, an online payment processing company in Nigeria, to expand its presence across South Africa. The Middle East and Africa is expected to hold a significant position in the payment gateway industry due to their growing investments in strengthening logistics networks infrastructures. With rapidly changing technology landscape, consumers are demanding convenient digital payments methods, especially those simplifying the payment acceptance for merchants, thereby completing transactions with greater efficiency. Innovation such as open banking infrastructure, regulatory norms, and establishments of standards for payments and data transmission are estimated to propel the Middle East and African payment gateway market. The expansion of a digital economy will further promote e-commerce and digital payments and boost the demands for simplified omni-commerce payment systems and technologies. Along with the rising mobile phone penetration, many countries in MENA are accepting real-time payment technologies due to the benefits they offer. Governments in the Middle Eastern countries are actively working to encourage consumers to choose cashless transaction methods. A digital wallet app, STC Pay, has been launched recently in Saudi Arabia, which allows people to make digital payments in restaurants and stores.Customize This Report To Suit Your Requirement
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Europe and MEA Payment Gateway Market: Strategic Insights
Europe and MEA Payment Gateway Market
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Market Size 2021
US$ 7,499.32 Million -
Market Size 2022-2028
US$ 20,697.69 Million
Market Dynamics
GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Regional Overview
- Europe
- Middle East and Africa
Market Segmentation
Type
- Online and POS/Traditional
Business Model
- Payment Facilitator
- Acquirer
- ISO Model
Enterprise Size
- Large Enterprises
- Small and Medium Enterprises
End User
- BFSI
- Media and Entertainment
- Consumer goods
- Retail and E-commerce
- Travel and Hospitality
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Impact of COVID-19 Pandemic on Europe and MEA Payment gateway Market
A rapid shift toward e-commerce, contactless digital transactions, quick payments, and cash displacement is strengthening the payment gateway market growth in Europe and the Middle East. Vodafone, a mobile operator, witnessed a 50% increase in its European data traffic during the COVID-19 pandemic. When several industries are struggling to recover from the COVID-19 crisis, the payment processing market is moving forward with major deals and acquisitions. For instance, Worldline, a French payments firm, created the largest merchant acquirer and payments processor in Europe by completing the acquisition of Ingenico, which was valued at US$ 8.6 billion. Nexi, Italy, acquired a fintech rival SIA SpA for US$ 5.3 billion with an ambitious goal of becoming Europe’s biggest payment provider. Further, Stripe raised US$ 95 billion funding in 2020, which enabled it to grow almost threefold in the year.Europe and MEA Payment Gateway Market Insights
Growing Use of Mobile Banking and Digital Wallet Services to Drive Europe and MEA Payment gateway Market Growth in Future
The digital payment industry has recorded robust growth in Europe, and the Middle East and Africa with the launch of new platforms and tools. The rapidly changing digital payment landscape is fueling the adoption of mobile banking channels and digital wallets. Stores are rapidly adopting digital payment applications such as PayPal, Samsung Pay, Apple Pay, and Google Pay to accept payments. Further, the proliferation of smartphones and increasing investments by internet service providers are propelling the use of digital wallets in Europe, and the Middle East and Africa. Growing cash transactions in countries in the Middle East is further leading to the promotion of mobile banking channels and digital wallets. The UAE has observed a boom in the number of mobile payment services in recent years. A mobile operator, Etisalat offers Etisalat Wallet, while Emirates NBD bank offers NBD Pay, a mobile contactless payment service based on near-field communication (NFC). The concentration of wealth in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE is a significant factor fueling the adoption of digital payments in these countries. Further, a rise in the number of active customers has encouraged mobile money providers to have significant establishments in the Middle East. MasterCard’s recent survey indicates the growth of digital payment services in the Middle East, with more consumers willing to use mobile phones to make payments. In September 2019, inwi, a Moroccan telecom operator, launched its mobile money service named inwi money facilitates convenient and secure financial transactions.Type-Based Market Insights
Based on type, the Europe and MEA payment gateway market is bifurcated into online and POS/traditional. The online segment dominates the market, as maximum number of products are integrated to form the system. On other hand, the emergence of smart parking technology, such as IoT integrations, is expected to boost demand for the POS/traditional integration in the APS. The online segment led the Europe and MEA payment gateway market with a share of 69.8% in 2021. It is expected to account for 76.4% of the total market by 2028.
Europe and MEA Payment Gateway Market, by Type – 2021 and 2028
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Business Model-Based Market Insights
Based on business model, the Europe and MEA payment gateway market is segmented into payment facilitator, acquirer, and ISO model. The payment facilitator segment is dominating the market as users are preferring the system having maximum parking space and less operating cost. However, the ISO model system is attracting the BFSI sector to utilize the available parking space with low investment. The payment facilitator segment led the Europe and MEA payment gateway market with a share of 43.1% in 2021. Further, it is expected to hold 39.1% share by 2028.Various market initiatives are adopted by the companies to expand their footprint across the world and meet the growing demand by their customers. The market players in the payment gateway market are mainly focusing on development of advanced and efficient products. Signing of partnerships, contracts, and joint ventures; funding; expansion; and inaugurating new offices across the world permit the company maintain its brand name globally. Most of the market initiative were observed in North America, Europe, Middle East and Africa, and Asia Pacific.
- In November 2021, Amazon.com Inc. infused approx. US$130 million in Amazon Pay, the digital payments and financial services unit of Amazon India, amid an intensifying battle with Walmart-owned Flipkart in India’s booming online retail market. In September 2021, Amazon Pay hit 50 million users in India, leveraging unified payments interface (UPI) on its platform. The company aims to serve millions of customers and merchants through UPI and play a key role in accelerating the government’s vision of a less-cash India.
- In October 2021, Stripe announced that it has entered into an agreement to acquire Recko, a leading provider of payments reconciliation software for internet businesses. Recko joins Stripe’s integrated suite of products that helps users optimize growth and efficiently manage revenue. The addition of Recko will provide businesses on Stripe a comprehensive way to track their financial health.
Europe and MEA Payment Gateway Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 7,499.32 Million |
| Market Size by 2028 | US$ 20,697.69 Million |
| CAGR (2022 - 2028) | 15.9% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
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| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
Frequently Asked Questions
The rapidly changing digital payment landscape is fueling the adoption of mobile banking channels and digital wallets. Stores are rapidly adopting digital payment applications such as PayPal, Samsung Pay, Apple Pay, and Google Pay to accept payments. Further, the proliferation of smartphones and increasing investments by internet service providers are propelling the use of digital wallets in Europe, and the Middle East and Africa. Growing cash transactions in countries in the Middle East is further leading to the promotion of mobile banking channels and digital wallets. The UAE has observed a boom in the number of mobile payment services in recent years. A mobile operator, Etisalat offers Etisalat Wallet, while Emirates NBD bank offers NBD Pay, a mobile contactless payment service based on near-field communication (NFC). The concentration of wealth in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE is a significant factor fueling the adoption of digital payments in these countries.
Growing number of partnerships and collaborations among the banks and e-commerce giants in the MEA is anticipated to provide significant growth opportunities for the payment gateway market players. In July 2020, Oman Air and BankDhofar partnered to launch an e-commerce payment gateway solution that enables customers of the airline to process their online bookings using debit cards. The customers also receive instant notifications about payment transactions. In September 2019 CCAvenue, the digital payment gateway platform of Infibeam Avenues, collaborated with Riyad Bank to provide digital payments in Saudi Arabia. CCAvenue.com is an established digital payment facilitator in India and the UAE. It is focusing on the expansion of its business in Saudi Arabia with an aim to spur the growth of the e-commerce sector in the Middle East and Africa. CCAvenue's payment platform will cater to the retail, petroleum, real estate, tourism, hospitality, finance, and education industries. In February 2020, Mashreq, a leading financial institution in the UAE, signed an agreement with NIUM, a leader in cross-border digital payments, to expand its QuickRemit service. The companies in the partnership aim at leveraging immediate payment capabilities to instantly facilitate the payments of their customer to Europe, Singapore, and the UK by using SEPA Instant Credit Transfer, FAST (Fast and Secure Transfer), and Faster Payment Services, respectively. Mashreq has also become the first bank in the UAE to offer instant credit facility to more than 30 countries with this new initiative. Another payments solutions provider, Network International partnered with TerraPay, a payments company, to propel the use of mobile wallets and other e-commerce channels across the UAE.
Based on Type, the payment gateway market is segmented into Online, POS/Traditional. The payment gateway market was dominated by the online segment in 2020.
With the surge in digital payment options, a large number of businesses and consumers are adopting real-time payment solutions. Therefore, market players such as Adyen and Amazoncom, Inc among others are focusing on the payment gateway infrastructure to enable these quick and effective payments. There is a growing requirement for a core infrastructure that supports a range of new banking and real-time payment services. Such infrastructure also offers benefits to the region’s economy by increasing liquidity and efficiency of payment systems. Central banks in the MEA are striving to facilitate convenient transactions for businesses and consumers. For instance, Bahrain launched an immediate payments service in 2015 which has recently witnessed significant growth with the significant surge in the volume of transactions made through its network. GhIPSS Instant Pay (GIP), Ghana's real-time payment solution, experienced a six-fold rise in year-on-year transaction volumes during the first half of 2020. Further, a surge in cross-border operations has augmented the demands for a smooth, inexpensive, and quick payment processes, which is bolstering the adoption of real-time payment systems.
The major companies in payment gateway market are Adyen; Amazoncom, Inc.; Apexx Fintech Limited; Bluesnap Inc.; Ecommpay; Mypos World Ltd; and Paytabs.
The major end users in payment gateway includes BFSI, Media and Entertainment, Consumer goods, Retail and E-commerce, Travel and Hospitality, and Others. In terms of market share, the market was dominated by the retail and ecommerce segment in 2020.
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Regional, Country
- Industry and Competitive Landscape
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